Wolverines savor Michigan student loan savings

Michigan’s oldest university and a Public Ivy, U-M combines top-tier education and dominant athletics to offer an unforgettable college experience in the charming city of Ann Arbor. Earnest helps Michigan students and grads finance their education with smart, affordable student loans. Please note, the University of Michigan, Ann Arbor is not affiliated with Earnest and does not endorse Earnest's loans.

Thriving careers from the gridiron to the OR start in Ann Arbor

UM offers a vast selection of top-tier graduate programs

The University of Michigan has world-renowned academics, with multiple degree programs that consistently rank at the top of their fields. Some of Michigan’s most renowned degrees include an MBA from Ross School of Business, a JD from Michigan Law, an MD from the U-M Medical School, a PharmD from U-M College of Pharmacy, and a DDS from the highly-regarded U-M School of Dentistry.

Ann Arbor is the ideal college town—live music, outdoor recreation around the Huron River, the striking architecture of Central and North Campus, a dynamic food scene, and vibrant nightlife. However, on Saturdays everyone heads to The Big House (Michigan Stadium) to cheer on the Wolverines against Big Ten rivals. UMich has accumulated 36 NCAA team titles, and boasts the most successful NCAA football team in history.

Go Blue and save green

Earnest student loans and student loan refinancing

University of Michigan AlumniUMich grads with student loan debt rely on Earnest for a seamless consolidation and refinancing experience. You receive competitive rate offers based on your personal financial profile and you can customize your payments to work with your desired budget and timeline. Wherever your Michigan education leads you—Earnest wants to save you money along the way.

University of Michigan StudentsMichigan is committed to maximizing the value and minimizing the investment required for a first-class education. In fact, 100% of applicants with financial need receive some form of aid and the average award is $21,422. We encourage you to contact the University of Michigan Office of Financial Aid to learn more about UMich scholarships, grants, jobs, and other ways to ensure you leave Ann Arbor with a lifetime of wisdom and memories—not student debt.

Many people are able to refinance into much lower interest rates, saving them thousands, if not tens of thousands, of dollars. In addition, Earnest offers in-house support for the life of your loan and a seamless technology platform to manage your loan.

Consolidation simply combines multiple student loans into one. That means one monthly payment instead of having to juggle many different ones, sometimes with multiple servicers. When you consolidate, your interest rate will be a weighted average of the interest rates on the loans you combine. You won’t save money— but it can make life easier by reducing the amount of time you spend managing different payments.

Refinancing can be done with one loan or several, and involves getting a new loan with a different (usually lower) rate than before, due to changes in your financial situation. When you refinance, you typically work with a company to pay off the original loan(s) and get a new unified loan at a lower rate.

Recommended reading for UMich students

Refinancing is easier with Earnest

Rather than looking at student loans as a ball and chain, we see them as a balloon—lifting students to new heights, and enabling incredible opportunities and achievements. Through innovative data science we make that balloon as light as possible, saving clients thousands on every loan. And with exceptional service, we ensure our clients make decisions with confidence. At Earnest, we seek to offer a student loan like no other.

Disclaimers

The average savings calculation is the sum of all projected savings divided by the number of clients included in the projected savings calculation. These calculations assume that clients’ interest rates will not change over time, that clients make all payments on-time, and that no loans will be prepaid.

Here’s what our math includes:

Projected savings for clients who provided outstanding balance, APR, and current monthly payment amount for their existing student loan(s)

Both fixed and variable rate loans

And here’s what our math excludes, and why:

Savings from any client who stated that the current interest rate on their loan was greater than 12%. (Why: this is intended to filter out any cases where client error may skew the savings calculation higher.)

For any client who stated that the projected term of their loan was greater than 25 years, we do not include in our calculation any additional savings that might be realized if their existing loan were to take longer than 25 years to pay off in-full. (Why: 25 years is the maximum term allowed for a Federal student loan, or the cap on any Federal student loan under Income Based Repayment.)

Savings from any client whose indicated monthly payment was not sufficient to pay down the loan balance over time. (Why: this is intended to filter out any cases where the client misstated either their monthly payment amount, interest rate, or both.)

All refinancings by clients who chose a longer term than their existing student loan. (Why: some clients choose longer loan terms to match their monthly loan obligations to their unique life circumstances; while we encourage clients to take advantage of Earnest’s flexible term and monthly payment features, these cases are not indicative of the savings that result from lower rates through better data.)

Explanation of Rates “With Autopay”

Rates shown include 0.25% APR reduction where client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

Explanation of Precision Pricing™ Savings

Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.

Savings is computed as the difference between the future scheduled payments on the existing loans and payments on new Earnest and “other lender” loans. The calculation assumes on-time loan payments, no change in interest rates, and no prepayment of loans.

Client Testimonials

Individuals portrayed as Earnest clients on this site are actual clients and were compensated for their time to participate.